芯源系統 (MPWR) 2021 Q2 法說會逐字稿

Welcome, everyone, to the MPS Second Quarter 2021 Earnings Webinar. Please note that this webinar is being recorded and will be archived for 1 year on our Investor Relations page at www.monolithicpower.com.

歡迎大家參加 MPS 2021 年第二季收益網路研討會。請注意，本次網路研討會正在錄製中，並將在我們的投資者關係頁面 www.monolithicpower.com 上存檔 1 年。

My name is Genevieve Cunningham, and I will be the moderator for this webinar. Joining me today are Michael Hsing, CEO and Founder of MPS; and Bernie Blegen, VP and CFO.

我的名字是 Genevieve Cunningham，我將擔任本次網路研討會的主持人。今天與我一起參加的是 MPS 執行長兼創辦人 Michael Hsing；以及副總裁兼財務長 Bernie Blegen。

During this webinar, we will discuss our Q2 2021 financial results and guidance for Q3 2021, followed by a Q&A session. (Operator Instructions)

在本次網路研討會中，我們將討論 2021 年第二季的財務表現和 2021 年第三季的指引，然後進行問答環節。（操作員指令）

In the course of today's webinar, we will make forward-looking statements and projections that involve risk and uncertainty, which could cause results to differ materially from management's current views and expectations. Please refer to the safe harbor statement contained in the earnings release published today. Risks, uncertainties and other factors that could cause actual results to differ are identified in the safe harbor statements contained in the Q2 earnings release and in our SEC filings, including our Form 10-K filed on March 1, 2021, and our Form 10-Q filed on May 10, 2021, which are accessible through our website, www.monolithicpower.com. MPS assumes no obligation to update the information provided on today's call.

在今天的網路研討會中，我們將做出涉及風險和不確定性的前瞻性陳述和預測，這可能會導致結果與管理階層目前的觀點和預期有重大差異。請參閱今天發布的收益報告中包含的安全港聲明。可能導致實際結果不同的風險、不確定性和其他因素在第二季度收益報告中的安全港聲明和我們向美國證券交易委員會提交的文件中均有列明，包括我們於 2021 年 3 月 1 日提交的 10-K 表和於 2021 年 5 月 10 日提交的 10-QQR，可透過我們的網站 www.comMPS 不承擔更新今天電話會議中提供的資訊的義務。

We will be discussing gross margin, operating expense, R&D and SG&A expense, operating income, interest and other income, net income and earnings on both a GAAP and a non-GAAP basis. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A table that outlines the reconciliation between the non-GAAP financial measures to GAAP financial measures is included in our earnings release, which we have filed with the SEC. I would refer investors to the Q2 2020, Q1 2021 and Q2 2021 releases as well as to the reconciling tables that are posted on our website.

我們將討論基於 GAAP 和非 GAAP 的毛利率、營業費用、研發和銷售、一般及行政費用、營業收入、利息和其他收入、淨收入和收益。這些非 GAAP 財務指標並非依照 GAAP 編制，不應被視為替代或優於依照 GAAP 編製的財務績效指標。我們向美國證券交易委員會提交的收益報告中包含一個表格，概述了非 GAAP 財務指標與 GAAP 財務指標之間的調整表。我建議投資者參閱 2020 年第二季、2021 年第一季和 2021 年第二季的發布情況以及我們網站上發布的對帳表。

Now I would like to turn the call over to Bernie Blegen.

現在我想將電話轉給 Bernie Blegen。

Thanks, Gen. MPS achieved record second quarter revenue of $293.3 million, 15.3% higher than the first quarter of 2021 and 57.5% higher than the second quarter of 2020. This broad-based year-over-year revenue growth was the result of our diversified growth strategy, technological innovation and investment in production capacity.

謝謝，將軍。MPS 在第二季度營收達到創紀錄的 2.933 億美元，較 2021 年第一季成長 15.3%，較 2020 年第二季成長 57.5%。這一全面的同比增長是我們多元化成長策略、技術創新和生產能力投資的結果。

Turning now to our second quarter 2021 revenue by market. Computing and storage revenue of $87.7 million increased 30.0% from the first quarter of 2021. The sequential revenue improvement reflected increased demand and market share gains for servers and data centers and notebooks. Computing and storage revenue represented 29.9% of MPS' second quarter 2021 revenue compared with 34.4% in the second quarter of 2020.

現在來看看我們 2021 年第二季按市場劃分的收入。計算和儲存收入為 8,770 萬美元，較 2021 年第一季成長 30.0%。連續的收入成長反映了伺服器、資料中心和筆記型電腦的需求增加和市場份額的提升。計算和儲存收入佔 MPS 2021 年第二季營收的 29.9%，而 2020 年第二季則為 34.4%。

Second quarter consumer revenue of $76.1 million increased 14.9% from the first quarter of 2021. The sequential quarterly revenue increase reflected earlier than normal sales of gaming console products. Consumer revenue represented 25.9% of MPS' second quarter 2021 revenue compared with 25.6% in the second quarter of 2020. Second quarter automotive revenue of $48.7 million increased 8.5% from the first quarter of 2021, primarily due to increased sales of infotainment products. Second quarter 2021 revenue was up 173.9% year-over-year. Automotive revenue represented 16.6% of MPS' second quarter 2021 revenue compared with 9.5% in the second quarter of 2020.

第二季消費者營收為 7,610 萬美元，較 2021 年第一季成長 14.9%。季度營收連續成長反映出遊戲機產品的銷售早於正常水準。消費者收入佔 MPS 2021 年第二季營收的 25.9%，而 2020 年第二季為 25.6%。第二季汽車營收為 4,870 萬美元，較 2021 年第一季成長 8.5%，主要由於資訊娛樂產品銷售增加。2021年第二季營收年增173.9%。汽車收入佔 MPS 2021 年第二季營收的 16.6%，而 2020 年第二季為 9.5%。

Second quarter 2021 industrial revenue of $43.3 million increased 8.9% from the first quarter of 2021, reflecting increased sales of products for power source applications. Industrial revenue represented 14.8% of our total second quarter 2021 revenue compared with 14.3% in the second quarter of 2020. Second quarter 2021 communications revenue of $37.5 million was up 3.9% from the first quarter of 2021. Most of the sequential revenue increase was due to higher product sales for networking and wireless applications. Communications sales represented 12.8% of our total second quarter 2021 revenue compared with 16.2% in the second quarter of 2020.

2021 年第二季工業收入為 4,330 萬美元，較 2021 年第一季成長 8.9%，反映了電源應用產品銷售的成長。工業收入占我們 2021 年第二季總營收的 14.8%，而 2020 年第二季為 14.3%。2021 年第二季通訊營收為 3,750 萬美元，較 2021 年第一季成長 3.9%。大部分連續收入的成長是由於網路和無線應用產品銷售的增加。通訊銷售額占我們 2021 年第二季總營收的 12.8%，而 2020 年第二季為 16.2%。

Our sustainable above-market growth is based on the following: We have and are continuously investing in the expansion and diversification of our supply chain; we accelerated the release of advanced products and solutions based on our new technologies; three, we have gained increased acceptance of our solutions with first tier customers globally; and four, we continue to diversify and support a wider number of end product applications. With our planned capacity expansion in place and as we release more parts into production, we are well positioned to accelerate our future revenue growth.

我們可持續的高於市場的成長基於以下幾點：我們已經並將繼續投資於我們供應鏈的擴張和多樣化；加快發布基於新技術的先進產品和解決方案；三是我們的解決方案得到了全球一級客戶的認可；第四，我們將繼續實現多樣化，並支持更廣泛的終端產品應用。隨著我們計劃的產能擴張到位以及我們投入生產的更多零件，我們已準備好加速未來的收入成長。

Moving now to a few comments on gross margin. GAAP gross margin was 56.0%, 60 basis points higher than the first quarter of 2021 and 90 basis points higher than the second quarter of 2020. Our GAAP operating income was $60.6 million compared to $46.1 million reported in the first quarter of 2021 and $28.0 million reported in the second quarter of 2020. Non-GAAP gross margin for the second quarter of 2021 was 56.3%, up 50 basis points from the gross margin reported for the first quarter of 2021, and 60 basis points higher than the second quarter from a year ago. The increase in non-GAAP gross margin as a percent of revenue reflected lower proportional overhead costs. Our non-GAAP operating income was $94.9 million compared to $75.8 million reported in the prior quarter and $53.0 million reported in the second quarter of 2020, representing a 79% year-over-year increase in operating income.

現在來談談對毛利率的一些評論。GAAP毛利率為56.0%，比2021年第一季高出60個基點，比2020年第二季高出90個基點。我們的 GAAP 營業收入為 6,060 萬美元，而 2021 年第一季報告的營業收入為 4,610 萬美元，2020 年第二季報告的營業收入為 2,800 萬美元。2021 年第二季非公認會計準則毛利率為 56.3%，較 2021 年第一季報告的毛利率上升 50 個基點，比去年同期第二季上升 60 個基點。非公認會計準則毛利率佔收入的百分比增加反映了比例管理費用的降低。我們的非公認會計準則營業收入為 9,490 萬美元，而上一季報告的非公認會計準則營業收入為 7,580 萬美元，2020 年第二季報告的非公認會計準則營業收入為 5,300 萬美元，年增 79%。

Let's review our operating expenses. Our GAAP operating expenses were $103.6 million in the second quarter of 2021 compared with $95.0 million in the first quarter of 2021 and $74.6 million in the second quarter of 2020. Our non-GAAP second quarter 2021 operating expenses were $70.3 million, up from the $66.2 million we spent in the first quarter of 2021, and up from the $50.7 million recorded in the second quarter of 2020. The difference between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are stock compensation expense and income or loss on an unfunded deferred compensation plan.

讓我們回顧一下我們的營運費用。2021 年第二季我們的 GAAP 營運費用為 1.036 億美元，而 2021 年第一季為 9,500 萬美元，2020 年第二季為 7,460 萬美元。我們 2021 年第二季的非 GAAP 營運費用為 7,030 萬美元，高於 2021 年第一季的 6,620 萬美元，也高於 2020 年第二季的 5,070 萬美元。這裡討論的季度的非 GAAP 營業費用和 GAAP 營業費用之間的差額是股票薪酬費用和無資金遞延薪酬計劃的收益或損失。

For the second quarter of 2021, total stock compensation expense, including approximately $885,000 charged to cost of goods sold, was $32.1 million compared with $28.6 million recorded in the first quarter of 2021.

2021 年第二季度，總股票薪酬費用（包括計入銷售成本的約 885,000 美元）為 3,210 萬美元，而 2021 年第一季為 2,860 萬美元。

Switching to the bottom line. Second quarter 2021 GAAP net income was $55.2 million or $1.16 per fully diluted share compared with $45.4 million or $0.95 per share in the first quarter of 2021 and $30.2 million or $0.64 per share in the second quarter of 2020.

切換到底線。2021 年第二季 GAAP 淨收入為 5,520 萬美元，即每股攤薄收益 1.16 美元，而 2021 年第一季為 4,540 萬美元，即每股 0.95 美元，2020 年第二季為 3,020 萬美元，即每股 0.64 美元。

Q2 non-GAAP net income was $86.5 million or $1.81 per fully diluted share compared with $69.5 million or $1.46 per share in the first quarter of 2021 and $50.6 million or $1.08 per share in the second quarter of 2020. Fully diluted shares outstanding at the end of Q2 2021 were 47.8 million.

第二季非 GAAP 淨收入為 8,650 萬美元或每股攤薄收益 1.81 美元，而 2021 年第一季為 6,950 萬美元或每股 1.46 美元，2020 年第二季為 5,060 萬美元或每股 1.08 美元。2021 年第二季末，完全稀釋流通股數為 4,780 萬股。

Now let's look at the balance sheet. Cash, cash equivalents and investments were $672.9 million at the end of the second quarter of 2021 compared to $641.6 million at the end of the first quarter of 2021. For the quarter, MPS generated operating cash flow of about $96.9 million compared with Q1 2021 operating cash flow of $77.1 million. Second quarter 2021 capital spending totaled $39.3 million.

現在我們來看看資產負債表。2021 年第二季末的現金、現金等價物和投資為 6.729 億美元，而 2021 年第一季末為 6.416 億美元。本季度，MPS 產生的營運現金流約為 9,690 萬美元，而 2021 年第一季的營運現金流為 7,710 萬美元。2021 年第二季資本支出總計 3,930 萬美元。

Accounts receivable ended the second quarter of 2021 at $77.6 million, representing 24 days of sales outstanding, which was 6 days lower than the 30 days reported at the end of the first quarter of 2021 and 3 days lower than the 27 days reported in the second quarter of 2020.

2021 年第二季末應收帳款為 7,760 萬美元，相當於 24 天的未收銷售額，比 2021 年第一季末報告的 30 天減少了 6 天，比 2020 年第二季報告的 27 天減少了 3 天。

Our internal inventories at the end of the second quarter of 2021 were $177.3 million, up from $175.2 million at the end of the first quarter of 2021. Days of inventory of 125 days at the end of the second quarter of 2021 or 16 days lower than at the end of the first quarter of 2021.

2021 年第二季末，我們的內部庫存為 1.773 億美元，高於 2021 年第一季末的 1.752 億美元。2021年第二季末庫存天數為125天，較2021年第一季末減少16天。

Historically, we have calculated days of inventory on hand as a function of the current quarter revenue. We believe comparing current inventory levels with following quarters revenue provides a better economic match. On this basis, you can see days of inventory of 117 days at the end of the second quarter of 2021 or 7 days lower than the 124 days at the end of the first quarter of 2021 and 2 days lower than the 119 days at the end of the second quarter of 2020.

從歷史上看，我們根據本季收入來計算庫存天數。我們認為，將當前庫存水準與下一季的收入進行比較可以提供更好的經濟匹配。在此基礎上，可以看到2021年第二季末的庫存天數為117天，比2021年第一季末的124天低7天，比2020年第二季末的119天低2天。

I would now like to turn to our outlook for the third quarter of 2021. We are forecasting Q3 revenue in the range of $309 million to $321 million. Gross margin on both a GAAP and non-GAAP basis is expected to include a onetime benefit from a $4 million litigation settler. Including this benefit, GAAP gross margin will be in the range of 57.3% to 57.9% and non-GAAP gross margin will be in a range of 57.6% to 58.2%. Excluding this onetime event, non-GAAP gross margin will be in the range of 56.3% to 56.9%.

現在，我想談談我們對 2021 年第三季的展望。我們預測第三季的營收將在 3.09 億美元至 3.21 億美元之間。預計根據 GAAP 和非 GAAP 計算的毛利率將包括來自 400 萬美元訴訟和解的一次性收益。包括此福利在內，GAAP 毛利率將在 57.3% 至 57.9% 之間，非 GAAP 毛利率將在 57.6% 至 58.2% 之間。除此一次性事件外，非 GAAP 毛利率將在 56.3% 至 56.9% 之間。

Total stock-based compensation expense should be in the range of $31.2 million to $33.2 million, including approximately $950,000 that would be charged to cost of goods sold. GAAP R&D and SG&A expenses should be between $104.1 million and $108.1 million. Non-GAAP R&D and SG&A expenses will be in the range of $73.9 million to $75.9 million. Litigation expense should range between $2.3 million and $2.7 million. Interest income is expected to range from $1.0 million to $1.4 million. Fully diluted shares to be in the range of 47.4 million to 48.4 million shares.

總股票薪酬費用應在 3,120 萬美元至 3,320 萬美元之間，其中包括計入銷售成本的約 95 萬美元。GAAP 研發和銷售、一般及行政費用應在 1.041 億美元至 1.081 億美元之間。非公認會計準則研發及銷售、一般及行政費用將在 7,390 萬美元至 7,590 萬美元之間。訴訟費用應在230萬美元至270萬美元之間。預計利息收入在 100 萬美元至 140 萬美元之間。全面攤薄後股份數量將在4,740萬股至4,840萬股之間。

In conclusion, with our planned capacity expansion in place and as we release more parts into production, we are well positioned to accelerate our future revenue growth. I'll now open up the webinar for questions.

總之，隨著我們計劃的產能擴張到位以及我們投入生產更多零件，我們已準備好加速未來的收入成長。我現在將開始網路研討會，接受提問。

Thank you, Bernie. Analysts, I would now like to begin our Q&A session. (Operator Instructions) Our first question comes from Tore Svanberg of Stifel.

謝謝你，伯尼。分析師們，現在我想開始我們的問答環節。（操作員指示）我們的第一個問題來自 Stifel 的 Tore Svanberg。

Congrats again on another strong and record quarter. I was hoping you could update us on your capacity plans. I know you've done a pretty good job here in the last 18 months. Your inventories seem to be in good shape, perhaps a bit at the lower end. But maybe you could help us understand a little bit more what you specifically are doing on the capacity side.

再次恭喜您又一個強勁並創紀錄的季度。我希望您能向我們通報一下您的容量計劃。我知道過去 18 個月你在這裡做得非常出色。你們的庫存看起來狀況良好，或許稍微偏低一些。但也許您可以幫助我們更多地了解您在容量方面具體做了什麼。

On the -- thanks, Tore. Our capacity is, as always, in the past 3 or 4 years, and we keep expanding and now we continue that. However, we do have capacities and have over $2 billion before the middle of next year. So we have enough capacity for us to grow. And then now we have just qualified more product and release to production and ultimately, in our customers' hands.

關於 — — 謝謝，托爾。我們的產能與過去三、四年來一模一樣，並且不斷擴大，現在我們將繼續這樣做。然而，我們確實有能力，到明年年中之前我們將有超過 20 億美元的資金。因此我們有足夠的能力去發展。現在我們已經認證了更多產品並投入生產，最後交給客戶。

And at the expense of repeating ourselves, Tore, you recall that last year, we brought up a 12-inch fab. And this year, we've brought up an 8-inch fab, which is already contributing to inventory. So in both cases, what we're continuing to do is expand out by qualifying more parts so that we will be able to meet the $2 billion level by the middle of next year.

Tore，我不想重複，你還記得嗎，去年我們建立了一個 12 吋的晶圓廠。今年我們又新建了一座8吋晶圓廠，這已經增加了庫存。因此，在這兩種情況下，我們將繼續做的是透過認證更多零件來擴大規模，以便我們能夠在明年年中達到 20 億美元的水平。

Very good. And your cash balance has doubled here in the last couple of years, and it's now at $670 million. Obviously, it's is a luxury issue to have. But what do you intend to do with that cash? Because obviously, you don't need that much. So do you plan to return it more back to shareholders? Or are you potentially looking at M&A? And the reason I'm asking this is because it's so high now, right? I mean I know historically, you've grown your business organically, but it's so high now that I just have to ask the question what you intend to do with it?

非常好。在過去幾年裡，您的現金餘額翻了一番，現在達到 6.7 億美元。顯然，這是一個奢侈的問題。但是你打算用這些現金做什麼呢？因為很明顯，你不需要那麼多。那你打算向股東返還更多嗎？或者您可能正在考慮併購？我之所以問這個問題是因為現在價格太高了，對吧？我的意思是，我知道從歷史上看，你們的業務是有機成長的，但現在成長率如此之高，我不得不問，你們打算用它做什麼？

That's a good question. As a company, I keep saying that we're transforming the company from a semiconductor to more a solution providers. And so we can utilize the cash much better than we can in the past. And the strategy is still -- again, we will buy in a tuck-in technology companies, which is comparable to MPS revenues, MPS as a general market coverage. So on the other hand, we are also consistently raising dividend. And that's our strategy, but we are not excluding buyback shares.

這是個好問題。作為一家公司，我一直說我們正在將公司從半導體公司轉變為解決方案提供者。因此我們可以比過去更好地利用現金。我們的策略仍然是——再說一次，我們將收購一家附屬技術公司，其收入與 MPS 相當，MPS 是一般的市場覆蓋範圍。另一方面，我們也持續提高股利。這是我們的策略，但我們不排除回購股票。

Our next question is from Quinn Bolton of Needham.

我們的下一個問題來自尼德姆的奎因博爾頓。

Hope you can hear me, but let me echo my congratulations on the strong revenue and a very nice gross and operating margins. Bernie, I guess you teased us there at the end of your script, saying that you've got the capacity now to support an acceleration in revenue growth. If I look at revenue last year, you did about 35% growth. Looks like this year, you might do better than that. I'm just trying to interpret when you talk about an acceleration in revenue growth, what should we read into that?

希望您能聽到我的聲音，但請允許我再次對強勁的收入以及非常好的毛利率和營業利潤率表示祝賀。伯尼，我想你在劇本的最後向我們透露了這一點，說你現在有能力支持收入成長的加速。如果我看去年的收入，你們的收入成長了約35％。看起來今年你可能會做得更好。我只是試著解釋一下當您談到收入成長加速時，我們應該如何解讀？

Yes. I think that you're familiar with our model, which is to outperform the industry by 10 to 15 percentage points. And obviously, that's a model. That's a guideline. And there are certain periods where we have the right factors, both strategically as well as from a market perspective that have allowed us to do better and sometimes, not as well as that model. So for example, if you look at last year's results, you could argue that at 34.5% growth that we exceeded the market, which was right about 5% to 8%, depending on what you're looking at, but somewhere in the neighborhood of 15, 17 percentage points.

是的。我想你對我們的模式很熟悉，那就是超越產業10到15個百分點。顯然，這是一個模型。這是一個指導方針。在某些時期，我們擁有正確的因素，無論是從戰略角度還是從市場角度，這些因素都使我們能夠做得更好，有時，也不會像該模式那麼好。舉例來說，如果您查看去年的業績，您可能會認為，我們以 34.5% 的增長率超過了市場，市場增長率大約為 5% 到 8%，具體取決於您所看的是什麼，但大約在 15 到 17 個百分點左右。

And so we look at that as well above our model. In the current year, obviously, we only guide Q3, but it's not unrealistic to expect that within the range of possibilities that we could match that performance or in fact do just a little bit better. So what we're trying to observe here is that in this 2-, 3-year period, we're actually benefiting from a lot of factors that have us exceeding what our normal model is.

因此，我們也從模型的角度來看這個問題。顯然，在今年，我們僅指導第三季度，但在可能性範圍內，期望我們能夠達到該表現甚至實際上做得更好一點，這並不是不切實際的。因此，我們在這裡試圖觀察的是，在這 2 至 3 年期間，我們實際上受益於許多因素，這些因素使我們超越了我們的正常模式。

Great. Bernie, I also wanted to ask on the compute and storage business up 30% sequentially. I think you mentioned that it was share gains in both servers as well as notebooks. On the notebook side, I thought you already had pretty high share at the high end of the notebook market. So I'm wondering if you could comment, are you starting to see share gains in maybe more mainstream or even low end or chromebooks on the notebook side? And is there any notable areas of share gains on servers?

偉大的。伯尼，我還想問一下計算和儲存業務環比增長 30% 的情況。我記得您提到過伺服器和筆記型電腦的份額都有所增長。在筆記型電腦方面，我認為你們在高階筆記型電腦市場已經佔據了相當高的份額。所以我想知道您是否可以評論一下，您是否開始看到筆記型電腦方面更主流甚至低端或 chromebook 的份額增長？伺服器上有哪些顯著的份額成長領域？

Yes, we do have some share gain in -- across the board in the notebook market segment. As our technologies advance and which lower the cost, our size became much smaller. So the cost -- the lower cost allow MPS enters more notebook segment.

是的，我們在筆記型電腦市場的各個領域確實都有所成長。隨著技術的進步和成本的降低，我們的規模變得更小了。因此，較低的成本使得 MPS 能夠進入更多的筆記型電腦領域。

And then as far as server, we've been fairly consistent in articulating our strategy as far as being able to grow our market position with each succeeding next generation, particularly Intel and AMD products. Not limited to that, though, but also on 48 volt and GPUs. So it really expresses the point that we're branching up in share gains within the Intel family, but also branching out into these other opportunities.

就伺服器而言，我們一直非常一致地闡明我們的策略，即能夠隨著下一代產品的推出而擴大我們的市場地位，特別是英特爾和 AMD 的產品。但不僅限於此，還包括 48 伏特和 GPU。因此，這確實表達了我們在英特爾家族中不斷擴大份額，同時也拓展其他機會的觀點。

Great, and congrats again.

太好了，再次恭喜。

Our next question is from Rick Schafer of Oppenheimer.

我們的下一個問題來自奧本海默公司的 Rick Schafer。

I'll add my congratulations. It's just kind of keep amazing everybody. And I think I'll ask one more capacity question if that's okay, and it's coming from a spending kind of standpoint. Can you, Bernie, maybe remind us what the outlook for kind of spending? Just as a general rule as a percent of revenue, maybe starting next year once all the new capacity is installed.

我要表達我的祝賀。這只會讓每個人都感到驚奇。如果可以的話，我想我會再問一個容量問題，這是從支出的角度提出的。伯尼，你能否提醒我們支出的前景如何？只是作為收入百分比的一般規則，也許從明年所有新產能安裝完成後就開始了。

And I mean, I think you get so many questions because everybody sees the kind of growth you guys are putting up. And it's awesome that you have $2 billion in capacity on board by this time next year. But at this rate, it's only -- in a couple of years, right, where you're going to be bumping your head on. So I'm curious because how soon would you have to look to begin ramping incremental capacity again, and what might the impact be on spending? I'm curious, what like -- just hypothetically, in 2 years, 3 years' time, if you're at $2 billion top line, like what would gross margins look like, for instance?

我的意思是，我認為你們之所以會有很多疑問，是因為每個人都看到了你們所取得的進步。到明年此時，你們的產能將達到 20 億美元，這真是太棒了。但是按照這個速度，再過幾年，你就會碰到頭了。所以我很好奇，因為你需要多久才能開始再次增加增量產能，以及這會對支出產生什麼影響？我很好奇，假設 2 年後、3 年後，如果你的營業收入達到 20 億美元，那麼毛利率會是多少？

Rick, thank you, and good question. Something that's really important to comment on here is that a lot of companies and a lot of analysts and a lot of investors who focused on capacity as if this is a new aspect of the semiconductor business. In fact, capacity is something that we have been managing for the 10 years that I've been here and before that. It's an integral component to our growth strategy.

瑞克，謝謝你，這個問題問得好。這裡真正需要評論的是，許多公司、許多分析師和許多投資者都將重點放在產能上，好像這是半導體業務的新面向。事實上，我來這裡的十年以及之前，我們一直在管理容量問題。這是我們成長策略的一個重要組成部分。

And so the way that we've been doing it is sequentially adding new fabs and also assembly houses and testing capacity alongside of that to accommodate to be in front of what our expected revenue growth. So while we have made a public comment on the fabs that we've invested in to date, we're still continuing on with ongoing relationships in order to secure more fab capacity for the future in order to accommodate that growth beyond $2 billion.

因此，我們的做法是逐步增加新的晶圓廠、組裝廠和測試能力，以滿足我們預期的收入成長。因此，雖然我們已經對迄今為止投資的晶圓廠發表了公開評論，但我們仍在繼續保持合作關係，以確保未來擁有更多的晶圓廠產能，以適應超過 20 億美元的成長。

Yes. As I said earlier, we keep expanding, we will never stop. But sometimes faster, other ones slow -- other times slower, okay? Other than the capacities, physical capacity itself, we have to increase a lot of headcounts. And MPS is very, very lean. And so we will hire now. We are hiring a lot of people.

是的。正如我之前所說，我們會不斷擴張，永遠不會停止。但有時快一點，有時慢一點——有時慢一點，好嗎？除了能力、實體能力本身之外，我們還必須增加大量的員工人數。而且 MPS 非常非常精簡。因此我們現在就招募。我們正在招募很多人。

Sorry, I was having some trouble on my end. A quick question on auto, if I could. I mean, by my math, it's on track to maybe grow sort of in the 80% or better range this year for you guys. I mean I'm curious how much of that is being either directly or indirectly limited by supply. And if you could give a sense of what growth could be or talk about maybe demand that's pushed, and how that ultimately would show up in the model, say, next year? I don't know if you could maybe quantify or talk about your auto backlog and maybe where it is today.

抱歉，我遇到了一些麻煩。如果可以的話，我問一個關於汽車的快速問題。我的意思是，根據我的計算，今年你們的成長率可能會達到 80% 甚至更高。我的意思是，我很好奇其中有多少是直接或間接受到供應的限制。您能否介紹一下成長可能會是什麼樣子，或者談談可能推動的需求，以及這最終將如何在模型中體現出來，比如說，明年？我不知道您是否可以量化或談談您的汽車積壓情況以及目前的狀況。

I -- maybe Bernie can. This year, you said that -- you mentioned that whether the automotive product is limited by the capacities. And the answer is, it's not as much as other segment because automotive company, they give us a long lead times. And so we prepared last year. The last year didn't -- our customers didn't consume that many of our products and so all translated to this year. And so we'll be able to ship them now.

我——也許伯尼可以。今年您說—您提到汽車產品是否受到產能的限制。答案是，它不像其他領域那麼多，因為汽車公司給了我們很長的交貨時間。所以我們去年就做好準備了。去年沒有——我們的客戶沒有消費那麼多我們的產品，所以一切都轉移到了今年。這樣我們現在就可以出貨了。

One of the aspects of automotive that's getting a lot of attention in the press has to deal with the fact of electronic component shortages that are shutting down plants or limiting their ability in order to kit a car and put it to assemble it. And as Michael just said, we're actually not capacity constrained there. We are meeting all demand from them. And what's been interesting is one of the reasons that automotive got into this bind is because they were working with a just-in-time inventory model. And I think that they've learned from that, that when the parts, the electronic components are available that they will stock them, even though they don't have a complete kit to build the car.

汽車產業受到媒體廣泛關注的一個問題是電子元件短缺，這會導致工廠關閉或限制其為汽車配備配件和組裝汽車的能力。正如麥可剛才所說，我們的產能其實並未受到限制。我們正在滿足他們的所有需求。有趣的是，汽車產業陷入這種困境的原因之一是他們採用的是即時庫存模式。我認為他們從中吸取了教訓，只要零件和電子元件齊備，他們就會備貨，儘管他們沒有完整的套件來製造汽車。

Now in our conversations and feedback that we're getting is, they're not actually only trying to satisfy real demand, but that is the timing of when the build plan when they'll have the complete kit that they can then build the cars. So it's something that we want to monitor because there's been no change in the ordering pattern or our shipment schedule versus expectations because of the other limitations in automotive.

現在，我們從對話和回饋中得知，他們實際上不僅僅是試圖滿足實際需求，而且這也是他們制定建造計劃的時間，屆時他們將擁有完整的套件，然後可以建造汽車。所以這是我們想要監控的事情，因為由於汽車領域的其他限制，訂購模式或我們的出貨時間表與預期相比沒有改變。

I might as well add, okay? About 1.5 year ago, our inventory were at all-time high. And that was one of the reasons that why we do that because we are a newcomer in automotive industries. Even though with this type of current revenue, we're still in a very, very little on the market percentage of the market. And so it's clear, as a newcomer, you don't want to upset the customers and you don't have a product. So as all these -- like what we do to all these key customers, we have inventory, even though don't have a clear forecast. And so now it's really benefited us, and we gain a lot more design win activities and -- because our competitors cannot ship a product.

我也可以補充一下，可以嗎？大約一年半前，我們的庫存達到了歷史最高水準。這就是我們這樣做的原因之一，因為我們是汽車產業的新手。儘管目前我們的收入水平如此之高，但我們在市場上的份額仍然非常小。因此很明顯，作為新手，您不想讓客戶不高興，而且您也沒有產品。所以，就像我們對所有這些關鍵客戶所做的那樣，我們有庫存，即使沒有明確的預測。所以現在它確實讓我們受益匪淺，我們獲得了更多的設計勝利活動——因為我們的競爭對手無法發貨產品。

Our next question is from Ross Seymore of Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Our next question is from William Stein of Truist.

下一個問題來自 Truist 的 William Stein。

I hope you can hear me. With regard to -- first, sort of a maintenance question, with regard to your capacity and inventory, which you've already explained quite a bit about on this call, are you supply-constrained at this time? Are you able to meet all the demand, whether it's upside or maybe customers stretching and trying to build a bit of inventory? Or are you, in fact, capacity constrained and are lead times extended as you're communicating them to customers? And then I have a bigger -- a more sort of strategic question after that.

我希望你能聽到我的聲音。關於——首先，關於你們的產能和庫存，這是一個維護問題，你們在這次電話會議中已經解釋了很多，你們目前的供應是否受到限制？您是否能夠滿足所有需求，無論是上行需求還是客戶擴展並試圖建立一些庫存？或者事實上，您的產能是否受到限制，並且在與客戶溝通時交貨時間是否延長？接下來我有一個更大——更具策略性的問題。

Yes. Let me explain it that way again. We have less capacity constrained compared like half a year ago also. And however, as the customers -- when you -- after you qualify all these new fabs. And we have a month or a couple of months delay of qualifying these products. And to qualify in a fab, it's not exactly science, okay? I mean you use different supply, different equipment and different materials and all the problem -- all these issue comes to have an effect on how you qualify products in the end.

是的。讓我再這樣解釋一下。與半年前相比，我們的產能限制有所減少。然而，作為客戶 - 當您對所有這些新晶圓廠進行認證之後。我們需要一個月或幾個月的時間來認證這些產品。而要獲得晶圓廠的資格，這並不完全是科學，好嗎？我的意思是你使用不同的供應、不同的設備和不同的材料以及所有問題——所有這些問題都會對你最終的產品品質產生影響。

So -- and at this time, okay, we just have to release a lot of new product -- a lot of existing product from different fabs. And so it's kind of a -- to answer your question, yes, it is that kind of a constraint. We have a lot more orders, and we couldn't fulfill and that gave me -- but just only a couple of months of late.

所以 - 和此時一樣，好吧，我們只需要發布大量新產品 - 來自不同工廠的大量現有產品。所以這有點像是——回答你的問題，是的，這是一種限制。我們還有很多訂單，我們無法完成，這給了我——但只是晚了幾個月。

And again, what we're trying to do here is make sure that we're servicing real demand and not building up inventory either in the channel or on our customer shelves. So what we've done is, we've actually have very transparent relationships with our customers so that we make sure that we're in touch with their business, sufficient to be able to make those trade-offs.

再說一次，我們在這裡要做的是確保滿足真正的需求，而不是在通路或客戶貨架上累積庫存。因此，我們所做的是，我們實際上與客戶建立了非常透明的關係，以便我們確保與他們的業務保持聯繫，足以做出這些權衡。

Great. And then the follow-up, if I can, or the more strategic question. Michael, you referred to this transition from a semi company to a technology solutions company, and it's something I've written about, specifically the transition from semi devices to modules. Any quantification around this? And perhaps, it relates to the e-commerce strategy as well, any update in that area would be very helpful.

偉大的。如果可以的話，我可以問後續問題，或更具策略性的問題。邁克爾，您提到了從一家半導體公司到一家技術解決方案公司的轉型，我也曾寫過相關文章，特別是從半導體設備到模組的轉型。對此有任何量化嗎？也許，它也與電子商務策略有關，該領域的任何更新都將非常有幫助。

Yes, thanks for asking for that question. Now is overwhelming by the revenue growth and the company -- not only from analysts, from our side. The company -- inside company is overwhelming by the revenue growth, the allocations and the product allocations and a lot of strategic things, like always less pronounced than now. But the module, you're absolutely right. Module business is for a solutions -- as a solution, transforming to a module company as we're transforming or transitioning from semiconductor to a solution company. And the e-commerce will have teams, and we -- finally, we have organized like a product line. And I know the activities. And in the last quarter or so, it's quadrupled. And so the revenue is still small, but it's in the millions of dollars, okay? I mean it's more than $1 million, somewhere $30 million, $40 million.

是的，感謝您提出這個問題。現在營收成長和公司表現令人震撼——不僅從分析師的角度來看，從我們的角度來看也是如此。公司內部對收入成長、分配、產品分配和許多策略性事物感到無比重視，但這些關注點一直沒有現在這麼明顯。但是對於模組，你完全正確。模組業務是為了解決方案——作為一種解決方案，當我們從半導體公司轉型或過渡到解決方案公司時，轉型為模組公司。電子商務會有團隊，最後，我們像產品線一樣進行組織。我也知道這些活動。而在最近一個季度左右，這個數字增加了四倍。所以收入仍然很少，但也有數百萬美元，好嗎？我的意思是它超過 100 萬美元，大約是 3000 萬美元或 4000 萬美元。

With the modules.

使用模組。

Yes, with the module in the service, and it's growing. As you recall, in about 5 years ago -- 3 years ago, it's almost 0, yes. And -- 4 years ago, almost 0, and okay we started that. And so we will continue to focus on that. And so I truly believe that that's all the future.

是的，服務中包含模組，而且它還在不斷增長。你還記得，大約 5 年前 - 3 年前，它幾乎是 0，是的。而且——4 年前，幾乎是 0，好吧，我們開始了。因此我們將繼續關注這一點。因此我真誠地相信這就是未來。

Congrats.

恭喜。

Our next question is from Joshua Buchalter of Cowen.

下一個問題來自 Cowen 公司的 Joshua Buchalter。

Congrats on the results. Gross margins in both the print and the guide were meaningfully higher than your usual 10 to 20 basis point trajectory. Can you elaborate on the key drivers of the leverage there? And I guess, speak to the sustainability, was it driven by mix or something on the cost side, getting wafers through your recently ran fabs?

恭喜你所取得的成果。印刷版和指南中的毛利率均明顯高於通常的 10 到 20 個基點的軌跡。您能詳細說明一下那裡的槓桿的關鍵驅動因素嗎？我想，說到永續性，它是受到組合驅動還是成本方面的其他因素驅動，透過您最近運營的晶圓廠獲取晶圓？

Sure. I think that we've discussed in the past that, again, it's -- our model is that we want to be able to grow gross margin at 10 to 20 basis points sequentially over the long haul. And we've demonstrated very good consistency in being able to do that. But much like I was describing before, this is an unusual period of growth for the company, both in terms of how fast the revenue is growing. And then, obviously, as we described in the narrative, it was that the overhead is not which would be like direct spending or inventory provisions or anything like that. It's not growing at the same rate as the revenue growth. And that's where we're getting the near-term leverage.

當然。我想我們過去已經討論過，我們的模式是希望能夠長期內毛利率逐年提高 10 到 20 個基點。我們已經展現出非常好的一致性來做到這一點。但就像我之前所描述的，無論從收入成長率來看，這對公司來說都是一個不尋常的成長時期。然後，顯然，正如我們在敘述中所描述的那樣，間接費用並不是像直接支出或庫存準備金或諸如此類的東西。它的成長速度與收入的成長速度不一樣。這就是我們獲得短期影響力的地方。

As we look out, obviously, we don't want to create an expectation that we're going to be able to grow at the same rate, but by the same token, we have established another floor level for what we expect sustainable gross margin to be.

顯然，我們不希望創造能夠以相同速度成長的期望，但同樣，我們為預期的可持續毛利率設定了另一個底線。

That's helpful. And then also on the model, I guess, you mentioned that consumer in consoles was a bit accelerated versus your normal seasonality. Can you remind us what you would expect the shape of the console business to look like in the second half? And maybe just give us some clues on revenue growth by segment.

這很有幫助。然後我想，在模型上，您提到遊戲機的消費者成長速度與正常季節相比略有加快。您能否提醒我們一下，您預計下半年遊戲機業務的情況會是怎樣？也許可以提供我們一些各部門收入成長的線索。

Sure. Go ahead.

當然。前進。

I don't know if we call it normal. I don't -- I can't think of it normal anymore, okay. Regarding to our console business, yes, we win a lot of design, and we're the next design. I mean I think the business continues. I think you have a better judgment than us what's the seasonality now for the console.

我不知道我們是否稱之為正常。我不——我不再認為這是正常的，好吧。關於我們的控制台業務，是的，我們贏得了許多設計，我們是下一個設計。我的意思是我認為這項業務會繼續下去。我認為您比我們更清楚現在遊戲機的季節性。

I think that Michael makes a very strong point there is that we've had so many puts and takes in different lines of businesses that have been added that the rule of thumb is not as applicable as it might have been back in 2018 or 2019. What I would comment on is that we believe that we are optimizing across all of our different end markets. And again, it's really the strength of the model is in the diversification. And whereas a lot of the traditional seasonality would have been tied to consumer, for example. Now we have a much higher percentage our business that is tied to computing, automotive and industrial, and they don't necessarily recognize the same level of seasonality.

我認為麥可的觀點非常有道理，我們在不同的業務領域進行瞭如此多的投入和吸收，以至於經驗法則不再像 2018 年或 2019 年那樣適用。我想評論的是，我們相信我們正在針對所有不同的終端市場進行最佳化。再次強調，該模型的優勢確實在於多樣化。而許多傳統的季節性都與消費者息息相關。現在，我們的業務中與計算、汽車和工業相關的部分所佔比例要大得多，而他們不一定能認識到相同程度的季節性。

But then to sort of complete the question, I think if you look at the near-term growth, obviously, the current year has benefited significantly from automotive and compute storage, in particular. And we believe that going forward, automotive along with communications should be our longer-term drivers.

但為了完成這個問題，我認為如果你看看近期的成長，顯然今年尤其受益於汽車和運算儲存。我們相信，展望未來，汽車和通訊將成為我們長期的驅動力。

Our next question is from Tore Svanberg of Stifel.

下一個問題來自 Stifel 的 Tore Svanberg。

I just have a few follow-up questions. First of all, I have a question on your ASPs, which is obviously tied to your revenue growth. So now that you are sort of growing in the 50% range, how much of that is units versus ASPs?

我只有幾個後續問題。首先，我對你們的 ASP 有一個疑問，這顯然與你們的收入成長有關。那麼，既然你們現在的成長率在 50% 左右，那麼其中銷售量與平均售價的比例是多少呢？

Yes. I would say, if you look at last year, and last year is representative of what we're doing in 2021, is of the 34.5% growth. 25%, that was tied to volume, 10% was tied to price. And I think when Michael talks about the solutions business, you're looking at previously selling an individual piece of silicon for $0.20 to $0.25. And now depending on the module, we can get between $1 to $3. And what we're looking to be able to do is design complete, integrated solutions for different end applications where those will be able to achieve for the total cost for that solution can be somewhere between $60 to $100. So there is the ASP on the individual component, but it's more importantly, it's having that attach rate with the total solution.

是的。我想說，如果你看看去年，去年代表了我們 2021 年所做的事情，即 34.5% 的成長率。25%與數量相關，10%與價格相關。我認為，當邁克爾談到解決方案業務時，你正在考慮之前以 0.20 到 0.25 美元的價格出售一塊矽片。現在根據模組的不同，我們可以獲得 1 到 3 美元之間的收入。我們希望能夠為不同的終端應用設計完整的整合解決方案，使解決方案的總成本在 60 美元到 100 美元之間。因此，單一元件有 ASP，但更重要的是，它具有整體解決方案的連接率。

Very good. And talking about systems, how is your motor business doing? I know that's probably the highest a few products you have. So how is that business going?

非常好。說到系統，您的汽車業務進度如何？我知道這可能是您擁有的最高的幾種產品。那么生意進展如何？

It's doing well, but the rest of the companies grow much faster. So it's still small. And you can't break out a percentage yet, but I think there was -- we will more -- have given more category of our product growth, okay, as we divide it into a more finer product line. Yes, we will give that number later, okay?

它表現不錯，但其他公司的成長速度更快。所以它仍然很小。現在你還不能具體計算百分比，但我認為，隨著我們將其劃分為更精細的產品線，我們將提供更多產品成長類別。是的，我們稍後會提供該號碼，好嗎？

Sounds good, Michael. And last one, about a year ago, you talked about getting into the medical end market. Any updates there? I mean, I know it's still probably very, very small as a percentage of revenue, but just trying to understand how fast your traction is in the medical end market.

聽起來不錯，麥可。最後一個問題，大約一年前，您談到進入醫療終端市場。有任何更新嗎？我的意思是，我知道它在收入中所佔的比例可能仍然非常非常小，但我只是想了解你在醫療終端市場的吸引力有多快。

Yes, we have our product now. And that's -- well, we have several things. We have ultrasound, and the ultrasound, we do generate revenue. We see revenue now. The other one is X-ray machines, okay? X-rays and we have -- we're evaluating the first silicon in -- from our design side is a forest, but we have some issue with that. And -- but that's a very minor issue. I mean we'll be able to solve that problem and it is outstanding. Thank you for bringing it up. And the performance is like a 5, 6x better than existing solutions. So the image is a lot more cleaner now, and we could deliver. And so I think the customers are waiting, and we're very excited.

是的，我們現在有我們的產品了。那是—好吧，我們有幾件事。我們有超音波，超音波確實能創造收入。我們現在看到了收入。另一個是X光機，好嗎？X 射線，我們正在評估第一個矽片，從我們的設計方面來說，它是一片森林，但我們對此有一些問題。並且——但這是一個非常小的問題。我的意思是我們將能夠解決這個問題，而且這非常出色。謝謝你提起這個。其效能比現有解決方案好 5 到 6 倍。因此，現在影像更加清晰了，我們可以交付了。所以我認為客戶正在等待，我們非常興奮。

One other comment to add here is, the technology that we're referring to here is related to our high performance or precision analog.

這裡要補充的另一條評論是，我們在此提到的技術與我們的高性能或精密模擬有關。

Data converters.

數據轉換器。

Converters, yes, right? And this has been something that we've been working on for, I think, about 2.5, 3 years now.

轉換器，是的，對吧？我想，我們已經為這份工作努力了大約 2.5 到 3 年了。

2.5 years.

2.5年。

2.5 years. And I think what is really exciting is that this is an incredible opportunity, and we're very close to being able to declare that it's commercially viable in the market. So it's not just the medical, which is the first end market that we're going after with this technology, but the other opportunities this opens up for us.

2.5年。我認為真正令人興奮的是，這是一個令人難以置信的機會，我們非常接近能夠宣布它在市場上具有商業可行性。因此，我們利用這項技術進軍的不僅是醫療市場（這是我們第一個要進軍的終端市場），它還為我們帶來了其他機會。

Yes. But same technologies -- similar technology that we'll be able to use in the telecommunications side.

是的。但是相同的技術——類似的技術我們將能夠在電信方面使用。

Sounds good. Congrats again on the results.

聽起來不錯。再次恭喜你取得的成績。

Our next question is from Kevin Garrigan of Rosenblatt.

我們的下一個問題來自 Rosenblatt 的 Kevin Garrigan。

Congrats on the quarter. Just a quick one for me. I was wondering if you could tell us what percentage of your business or percentage of backlog is based on 3-year newer products. I think last quarter, Bernie, you had said new products introduced in the last 3 years were about 37% of sales. So just kind of wondering if this was in the same range this quarter.

恭喜本季取得佳績。對我來說這只是一個快速步驟。我想知道您是否可以告訴我們，您的業務或積壓訂單的百分比是多少是基於 3 年新產品的。我記得上個季度，伯尼，您曾說過過去 3 年推出的新產品約佔銷售額的 37%。所以只是想知道本季的情況是否在同一範圍內。

Yes. The reason that we use that step on sort of a onetime basis was to really give an order of magnitude to just how dynamic this new product introduction is as a component to our growth. So right now, obviously, in such a short one quarter term, it hasn't changed a whole lot up or down. But it's really not anything that we want to be reporting on, on an ongoing basis.

是的。我們之所以採取一次性措施，是為了真正評估這項新產品的推出對我們成長的推動作用有多大。因此現在，顯然，在如此短的一個季度內，它並沒有發生太大的上漲或下跌。但這確實不是我們想要持續報導的事情。

Yes. I think at the last time we reported, is that 37%?

是的。我認為我們上次報告時是 37% 嗎？

Yes.

是的。

I actually went back and look at it, and we actually cannibalize ourselves. And I think that's a better way rather than the big guys eats us alive. And nothing so we cannibalize quite a bit. I think it's somewhere as the 10% range, okay? These new products, we cannibalize it. And that's why the number is so high.

我確實回頭看了看，我們其實是在自相殘殺。我認為這是一個比被大人物活活吃掉更好的方法。沒有什麼，所以我們會蠶食相當多的東西。我認為它在 10% 左右的範圍內，好嗎？這些新產品，我們對其進行了蠶食。這就是為何這個數字如此之高。

But I would say that when there's cannibalization involved, you can bet that from market share gains against our peer companies, that's really the leverageable part of this story.

但我想說的是，當涉及到蠶食時，你可以打賭，從與同行公司的市場份額增長來看，這才是這個故事真正可以利用的部分。

Our next question is from Quinn Bolton of Needham.

我們的下一個問題來自尼德姆的奎因博爾頓。

Just wanted to follow up on Joshua's question on gross margins. I know in the near term, better overhead absorption is driving the better margins. But if you guys have access to capacity and most of your competitors get strained, I'm wondering, is there any room for you to get a little bit more to raise pricing in certain segments to take advantage of that capacity support? Or will you just continue to kind of put your foot on the pedal and try to drive as much revenue through that additional capacity to support rather than trying to do it through pricing.

只是想跟進一下 Joshua 關於毛利率的問題。我知道在短期內，更好的間接費用吸收將推動更好的利潤率。但如果你們有足夠的產能，而你們的大多數競爭對手都面臨壓力，我想知道，你們是否還有空間在某些細分市場提高價格，以利用產能支援？或者你只是繼續加大力度，試著透過額外的支援能力來獲得盡可能多的收入，而不是試圖透過定價來實現這一目標。

Well, yes, MPS is still smaller -- as a smallest analog semiconductor business. And we -- okay, at the same time, we want to have delivered a consistent result. And so now you see the margin even in this period, we don't fluctuate a lot. And because we don't -- we just pass on our cost to our customers. And we don't randomly just raise because we can -- now the shortage, we can gauge a price, okay? And then that will affect the long-term relationship with our customers. And so we just maintain that and maintain the margins, okay? I think this strategy is for saving things for us.

嗯，是的，MPS 仍然規模較小——作為一家最小的類比半導體企業。而我們—好的，同時，我們希望提供一致的結果。所以現在您可以看到，即使在這段時期，利潤率也不會有太大波動。因為我們不這麼做——我們只是將成本轉嫁給客戶。我們不會隨意提高產量，因為我們可以——現在出現了短缺，我們可以估算一個價格，好嗎？這會影響我們與客戶的長期關係。所以我們只要保持這一點並保持利潤率，好嗎？我認為這個策略是為了給我們自己省點錢。

(Operator Instructions) As there are no further questions, I would now like to turn the webinar back over to Bernie.

（操作員指示）由於沒有其他問題，我現在想將網路研討會交還給伯尼。

I'd like to thank you all for joining us for this webinar and look forward to talking with you again during our third quarter webinar, which will likely be at the end of October. Thank you, and have a nice day.

我感謝大家參加本次網路研討會，並期待在我們可能於 10 月底舉行的第三季網路研討會期間再次與大家交談。謝謝您，祝您有愉快的一天。

Have a nice day.

祝你今天過得愉快。